32 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 4 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Separate Statement of Income For the year ended March 31, 2022 (Expressed in Barbados dollars) Notes 2022 2021 Interest income 3 $ 86,601,215 83,591,461 Interest expense 3 (22,138,818) (23,176,617) Net interest income 3 64,462,397 60,414,844 Other income 4 4,579,702 3,721,243 Net interest and other income 69,042,099 64,136,087 Expected credit losses 5 (6,498,336) (9,247,176) Net operating income 62,543,763 54,888,911 Staff costs 6 19,540,859 18,547,866 Operating expenses 7 28,227,298 23,907,919 Depreciation 12 4,508,769 4,413,406 Total expenses 52,276,926 46,869,191 Net income for the year $ 10,266,837 8,019,720 The accompanying notes form an integral part of these separate financial statements.
RkJQdWJsaXNoZXIy MTA2MDM=